VANCOUVER, Aug. 28, 2018 /CNW/ - ATAC Resources Ltd.
(TSX-V:ATC) ("ATAC") is pleased to announce exploration results and
the acquisition of the TN claims adjacent to its wholly owned
Connaught property, located at the
head of the Sixty Mile Placer Gold Camp in west-central
Yukon. The Connaught
property hosts an extensive system of silver-lead-gold veins. It
lies about 65 km due west of Dawson
City, Yukon, and is
accessed via the Sixty Mile Road off the Top of the World
Highway.
With the acquisition of the TN claims, the Connaught property is now 115.5
km2. The expanded property is available for option
as ATAC continues to focus on its Rackla Gold Property in
north-central Yukon.
Connaught Project Highlights
- 2017 geochemical survey identified the largest (~1
km2) coincident silver-lead anomaly with multi-gram
silver to date, no follow up work completed;
- Road accessible project with over 20 distinct silver-lead
and gold veins; silver and lead veins grading up to 3,150
g/t silver and 64% lead; and,
- Additional claims acquired to cover the projected
southern extension of the 1 km2 soil anomaly and
anomalous ridge and spur geochemical anomalies.
"Connaught contains some of the
highest grade silver-lead and gold veins in Yukon and is easily accessible from the Sixty
Mile Road. Recent field work resulted in the identification of a
large coincident silver-lead soil anomaly and an area of alteration
and mineralization that is indicative of a high level, copper-rich
porphyry system," stated President and CEO Graham Downs. "As the newly-identified
soil anomaly was located on the southern boundary of the claim
block, it was important to acquire the TN claims, which host ridge
and spur geochemical anomalies indicating additional silver-lead
vein potential."
Exploration programs in 2015 and 2017 were carried out to
fulfill assessment requirements and keep the Connaught property in good standing.
ATAC collected a total of 272 soil samples and results were highly
encouraging. The 2017 sampling identified the largest, and
strongest, coincident silver and lead soil geochemical anomaly on
the property to date, in an area with no known
mineralization. The 2017 anomaly is 1,500 m long by 600
m wide and comprises very strongly anomalous lead and
silver-in-soil values ranging from 5 to 15.4 ppm silver and
500 to 2,000 ppm lead, respectively.
The Connaught property lies
within a complex, northeast-trending fault system called the Sixty
Mile-Pika fault system. This system is thought to have focused Late
Cretaceous high grade epithermal, porphyry and skarn style
mineralization at many locations along its 150 km length. To
date, 20 major vein structures have been identified on the
Connaught property. Where
exposed, the veins are typically 0.3 to 2
m wide and grade between 100 and 3,150 g/t silver, 3 to 64%
lead and background to 10.90 g/t gold.
The eastern part of the Connaught property is perspective for
porphyry-style mineralization. The area is underlain by a
stock of Late Cretaceous granodiorite with a 'donut' magnetic low
geophysical signature flanked by creeks yielding elevated
copper-in-silt values. Where mapped, the granodiorite hosts
magnetite veining within pervasively chlorite and epidote altered
granodiorite, indicative of a high-level porphyry system. A
specimen sample of the granodiorite returned 0.14% copper.
Stinger Property Purchase
Under the terms of the property purchase agreement with
Independence Gold Corp. ("IGO"), ATAC will acquire a 100% interest
in the TN 1 through 210 claims. The purchase price will
consist of 60,000 ATAC shares. IGO will also retain a 1% net
smelter return royalty interest in the TN claims. The
transaction remains subject to TSX Venture Exchange acceptance.
QA/QC
Analytical work for all projects was done by ALS Minerals, with
sample preparation in Whitehorse,
Yukon and geochemical analyses in
North Vancouver, British
Columbia. All soil samples were analyzed for gold using fire
assay fusion and inductively coupled plasma – atomic emission
spectrometry (Au-ICP21) and 51 other elements by four acid
digestion and inductively coupled plasma-atomic emission
spectroscopy (ME-MS41).
The technical information in this news release has been approved
by Heather Burrell, P.Geo., a senior
geologist with Archer, Cathro & Associates (1981) Limited and a
qualified person for the purposes of National Instrument
43-101.
About ATAC
ATAC is a Yukon-based
exploration company focused on developing Canada's only Carlin-type gold district at the
Rackla Gold Property. Work on the ~1,700 km2 property
has resulted in an Osiris Project Inferred Mineral Resource of
1,685,000 oz of gold at an average grade of 4.23 g/t (in 12.4 Mt)
and a positive Preliminary Economic Assessment for the Tiger Gold
Deposit within the Rau Project. ATAC and Barrick have partnered to
explore the Rackla Gold Property's Orion Project, with Barrick
having the option to earn up to 70% of Orion by spending
$55 million in exploration. ATAC is
well-financed with approximately $15
million in its treasury and is currently completing a
$7 million exploration program at the
Osiris and Rau Projects (which are not subject to Barrick's earn-in
right), while concurrently working with Barrick to advance the
Orion Project.
On behalf of Management and the Board of Directors of ATAC
Resources Ltd.
Graham Downs, President and
CEO
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS NEWS RELEASE.
SOURCE ATAC Resources Ltd.